Singapore legislation

Clause 30

New Division 1 of Part 10

Part 10 of the principal Act is amended by inserting, immediately after the Part heading, the following Division:“Division 1 — General provisionInterpretation of this Part 74B. In this Part, unless the context otherwise requires —“balance sheet”, in relation to a parent business trust, means the balance sheet, by whatever name called, prepared in accordance with the Accounting Standards;“consolidated financial statements” has the meaning given by the Accounting Standards;“directors’ statement” means the statement of the directors mentioned in section 76(13);“group” has the meaning given by the Accounting Standards;“interested person” means —

(a)

for the purposes of sections 82C, 82D and 82E —

(i)

in the case of an auditor of a listed registered business trust — a unitholder of the listed registered business trust;

(ii)

in the case of an auditor of a subsidiary company — a shareholder of the subsidiary company; and

(iii)

in the case of an auditor of a subsidiary registered business trust — a unitholder of the subsidiary registered business trust; and

(b)

for the purposes of section 82F —

(i)

in the case of an auditor of a registered business trust that is not listed (other than a subsidiary registered business trust) — a unitholder of the registered business trust;

(ii)

in the case of an auditor of a listed registered business trust — a unitholder of the listed registered business trust; (iii)in the case of an auditor of a subsidiary company — a shareholder of the subsidiary company; and

(iv)

in the case of an auditor of a subsidiary registered business trust — a unitholder of the subsidiary registered business trust;“parent” has the meaning given by the Accounting Standards;“parent business trust” means a registered business trust that is required under the Accounting Standards to prepare financial statements in relation to a group;“parent company” means a company that is required under the Accounting Standards to prepare financial statements in relation to a group;“relevant auditor” means —

(a)

an auditor of a listed registered business trust;

(b)

an auditor of a subsidiary company; or

(c)

an auditor of a subsidiary registered business trust;“relevant person” means —

(a)

for the purposes of sections 82B, 82C and 82D —

(i)

in the case of an auditor of a listed registered business trust — the trustee‑manager of the listed registered business trust;

(ii)

in the case of an auditor of a subsidiary company — the subsidiary company; and

(iii)

in the case of an auditor of a subsidiary registered business trust — the trustee‑manager of the subsidiary registered business trust; and

(b)

for the purposes of section 82F —

(i)

in the case of an auditor of a registered business trust that is not listed (other than a subsidiary registered business trust) — the trustee‑manager of the registered business trust;

(ii)

in the case of an auditor of a listed registered business trust — the trustee‑manager of the listed registered business trust;

(iii)

in the case of an auditor of a subsidiary company — the directors of the subsidiary company; and

(iv)

in the case of an auditor of a subsidiary registered business trust — the trustee‑manager of the subsidiary registered business trust;“subsidiary” has the meaning given by the Accounting Standards;“subsidiary company” means a company that is a subsidiary of a listed registered business trust;“subsidiary registered business trust” means a registered business trust that is a subsidiary of a listed registered business trust;“ultimate parent business trust” means a business trust which is a parent but is not a subsidiary, within the meaning of the Accounting Standards;“ultimate parent corporation” means a corporation which is a parent but is not a subsidiary, within the meaning of the Accounting Standards.”.

Read in full context — Business Trusts (Amendment) Bill →